Akira Morita, [TEXT NOT REPRODUCIBLE IN ASCII] (Stock Buyback as an Emergency Evacuation: Measures against Greenmailers
) (1990) 20:3-1 Kobe Gakuin Hougaku 61 (495) [Morita, [TEXT NOT REPRODUCIBLE IN ASCII] "Stock Buyback as an Emergency Evacuation"]; Akira Morita, (A Discussion on Deregulating the Bans on Stock Buyback) (1991) 43:4 Doshisha Hogaku 1 (567).
This company has been known to be greenmailers
." Berra said.
Others who see merit in takeovers are arbitrageurs, raiders, greenmailers
, investment bankers who play chaperone or matchmaker, lawyers, speculators and short-term shareholders.
The bulk of the aggressive moves have come from the so-called Kaishime or greenmailers
. Trafalgar-Glenn, a small UK/US partnership, established one route for doing this in 1984 when it bought up Minebea's convertible bearer bonds in Switzerland and then showed up in Tokyo with the equivalent of 25 percent of Minebea's equity.
CNS also threatened to commence a cash tender offer at a "significantly lower price' which was interpreted by Aloha as potential "greenmail.' (Greenmailers
acquire stock in a company and then sell it back at a profit in return for abandoning their takeover attempt.) Just about this time, Aloha shareholder Burton Knapp, a New York attorney, filed a class-action suit charging that the directors violated their fiduciary duties by not considering the CNS merger proposal (this suit was later settled for attorney's fees of up to $60,000 and $5,000 in expenses).